Maruti Suzuki’s third fiscal quarter sales rose 12.4% to 323,911 vehicles. Exports grew 43.8% to 28,709 units. But the company missed analysts’ profit expectations.

The sales were worth INR122,631m (US$1.99bn), a growth of 15.5% year on year.

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Net profit in Q3 (2014-15) was INR8,022m ($133m), up 17.8 % year on year.

Analysts had on average expected the company to make INR9,006m, according to Thomson Reuters.

“Higher volumes, material cost reduction initiatives and favourable foreign exchange contributed to [the] bottom line during the quarter,” Maruti said in a statement.

For the nine months (April-December), unit volume rose 13.9% to 945,703 vehicles with exports up 22.8% to 92,171 cars.

Sales rose 14.6% to INR353,330m ($5.7bn) and net profit was up 22.4% to INR24,270m ($395m).

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